Current Expected Credit Losses (CECL)
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The Current Expected Credit Loss (CECL) model represents the most significant financial reporting change in decades for many financial services companies. Although not exclusive to financial services, those most significantly impacted by the forthcoming changes include banks, thrifts, credit unions, insurance entities, and other specialty finance companies.
The CECL model replaces the current “incurred loss” methodology and requires application at the initial recording of the financial asset. It also considers both current conditions and the forecast of conditions that are reasonable and supportable in estimating the credit loss over the contractual life of the asset, adjusted for pre-payments. This results in an escalation in the timing of the recognition of losses associated with financial assets.
The implementation and ongoing application of the CECL methodology will significantly impact capital deployment, earnings projections, and credit risk management on a prospective basis.
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